LONDON: Glencore Plc built a war chest in the first half of the year, continuing to cut debt as the world’s largest commodities trading house prepares to ramp up acquisitions.
While profits improved during the first half, Glencore kept its dividend unchanged and used the extra cash to pay down borrowings. Net debt was US$13.9bil by June, down more than 60% from mid-2014 when the company was digesting its merger with Xstrata Ltd.
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